Looking for a rental investment? This historic Illinois town has been rated one of the best in the United States

A small town in northwestern Illinois — known for its quaint 19th-century architecture and as the sole residence of 18th President Ulysses S. Grant — is one of the best places for investors interested in the rental scene in short term.

Analytics firm AirDNA ranked Galena ninth on its list of the 25 “best places to invest in vacation rentals in 2021 and 2022.”

AirDNA, which pulled data from booking platforms such as Airbnb and Vrbo, created what it called its “updated index of the best investment markets for the year ahead”.

By measuring local rental demand, revenue growth, and investment cost versus yield, AirDNA ranked Galena ninth on the list, just below Charleston, SC, and just above Southwest Harbor. , Maine.

“During the summer months, regional travelers vacation in cabins near Lake Galena or stay downtown in historic 19th-century buildings,” AirDNA said. “This opens up a profitable opportunity.”

Galena received a score of 100, the highest possible, for “investability”.

This measure essentially compares the expected income from a property against the cost of purchase. AirDNA calculates this by using the average home income potential in the area, subtracting the average cost of operating the property, and dividing that number by the typical home value in the same area for comparable homes.

Galena has earned an overall investor score of 80 from AirDNA.

According to AirDNA, the typical value of a home in Galena is $215,000, with a typical short-term occupancy rate of 60%, an average daily rate of $371, and an average annual income of $67,000.

The St. Louis metropolitan area ranks 24th on the list

A Missouri location also made the list of best places to invest.

AirDNA placed St. Louis 24th on its list given the low financial barriers to buying a rental property.

Typical home values ​​are $212,000, with an average annual income of $35,000.

The region is also seeing good revenue growth, earning a high score of 86 from AirDNA. His overall investor score was 71.

Best short-term rental markets in 2022

Here are AirDNA’s top 10 picks:

  1. Maui, Hawaii

  2. Kenai Peninsula, Alaska

  3. Chattanooga, Tenn.

  4. Gulfport/Biloxi, Miss.

  5. Slidell, La.

  6. Crystal River, Florida.

  7. Joshua Tree, California.

  8. Charleston, South Carolina

  9. Galena, ill.

  10. Southwest Port, Maine

About Derrick Hill

Check Also

Letters to the Editor, August 9

Yes or no? Fellow Marco Islanders: I am a 26-year-old full-time resident who has “got” …